Total To Acquire 20% Stake In Adani Green Energy
Total SE will acquire a minority stake in Adani Green Energy Ltd. as the French company bets on India’s push for cleaner fuels. Total will buy a 20% stake in Adani Green from the promoter group, and half the ownership in operative solar assets for $2.5 billion, according to a company statement. As of September 2020, the promoter group held 74.92% stake in Adani Green. The investment in Adani Green is another step in the strategic alliance between Adani Group and Total across various businesses and companies of the group. Total and the Adani Group had earlier entered into a partnership in 2018 when the French company acquired a 37.4% stake in Adani Gas and a 50% stake in the Dhamra LNG project. Adani Green Energy has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.
Tags : ALLIED Stake Acquire Adani Green Energy Adani Green Energy Ltd Dhamra LNG project